In a sign of increased cooperation between the two largest oil producers, Russia and Saudi Arabia have announced a $1 billion energy deal to fund investments in oil, gas, and renewable projects. Saudi Arabia’s King Salman is slated to make the first ever state visit to Russia by a Saudi Monarch. The new partnership underlines the need for energy friendly policy in the United States.

The world’s biggest oil producers, Russia and Saudi Arabia, have announced a $1 billion fund to invest in energy projects — marking another chapter in the blossoming economic and political partnership between the two countries. The latest deal will see Russia and Saudi Arabia strengthen their cooperation in oil, gas, electricity and renewable energy, Russian Energy Minister Alexander Novak told Al Arabiya television Monday, Reuters reported.